Digital Practical Accounting - Online Course

Digital Practical Accounting 

Online Courses

Overview :

This course is designed for Professional Manual Accountants, Commerce Graduates and Post Graduates to know how Accountants maintain Books of Account Digitally and understand the working Environment. 

Before discuss about Digital Practical Accounting, let's do a little bit discussion on below mentioned points. 

Manual Accounting and Digital Accounting : 

Manual Accounting is a method of maintaining Books of Account and sharing Financial information to the users of Accounting using paper and pen.

Digital Accounting means, use of Computer, Laptop, Tablet, Mobile etc. with Accounting Software and Tools for recording financial data, financial report generation, presentation and sharing of financial reports to the users of Accounting. 

Step by Step Guide on Digital Practical Accounting :

Practical accounting is not just limited to see video, listen your teacher or mentor, know and understand the accounting terms, supporting documents, accounting registers etc. But refers to recording and analyzing day to day business transactions repeatedly on monthly basis for a minimum of One Accounting Year  to understand the real world industry relevant working environment. 

If any person or student want to learn practical accounting and gain thorough knowledge, He/she must have to record/entry minimum 250 to 300 day to day transactions including Money Receipt/Credit Voucher Entry, Payment/Debit Voucher Entry, Purchase and Sales Invoice Entry, Purchase and Sales Return Entry, Receipt Entry through Cash/Bank for Debtors outstanding or Income Booking, Payment Entry through Cash/Bank for Creditors outstanding or Expenses Booking, Journal Voucher Entry, Adjustment Journal Voucher Entry, Contents of Purchase and Sales Invoice etc. Modify and Delete incorrect Vouchers without affecting the Original Serial Numbers.

Let's Start learning

Student or person from non commerce background or not having thorough knowledge on Accounting can start from Step 1.

Student or professionals from commerce background or having thorough knowledge on Accounting can directly jump to Step 12. 

Step 1

Understanding on Accounting 

Financial Bookkeeping and Accounting :

Step 2 

Types of Account

Step 3 

Debit and Credit Rule

Practice transactions : 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12 

Step 4 

Double Entry System of Bookkeeping

Step 5 

Constitution or Style of Business : Proprietorship, Partnership, Limited Liability Partnership(LLP), One Person Company (OPC), Private Limited Company, Public Limited Company, Government Company. 

Nature of Business : Manufacturing, Trading and Service Business. 

Step 6 

Journal and Transactions for Journal Entry Practice 

Step 7 

Ledger 

Step 8 

Trial Balance 

Step 9 

Adjustment Journal Entry

Examples :  Click on these transaction numbers (267, 268, 269, 270, 271, 272)  

Step 10 

Trading, Profit & Loss Account

Step 11 

Balance Sheet

Step 12

Noteable Accounting Software worldwide :

    Continent/Region                               Leading Software                               

1. North America                   QuickBooks, NetSuite, FreshBooks(Canada)

2. UK                                        Xero, Sage, FreeAgent                                        

3. Germany                             DATEV, Lexware                                                 

4. China                                   Kingdee, Yonyou                                                  

5. India                                    TallyPrime, Marg, Busy, ZohoBooks                

6. Australia                             Xero, MYOB                                                          

7. Russia                                  1C: Enterprise                                                                        

Financial Record keeping using software like TallyPrime :

TallyPrime Educational Version : Download and install TallyPrime Educational Version from tallysolutions portal. Then start practice for the below mentioned practical project  

Real world Practical Transactions for Practice.(click this link to access more than 250 continuous transactions in one accounting year on monthly basis)

From the above practice projects learners will experience about the below mentioned Digital Bookkeeping and Accounting procedure. 

TallyPrime : Company creation, Ledger Creation, Ledger group creation, GST setup, Stock item creation with HSN and GST rate, Interstate and Intrastate GST Purchase and Sales Invoice preparation, Debit Note and Credit Note Entry for purchase and sales return, Cash Deposit into Bank, Bank to Bank fund transfer, Receipt and payment Entry, Journal Entry, Adjustment Journal Entry for Final Accounts, Voucher Serial Number, Financial Reports etc.  

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